Wells Fargo’s Quarterly Profit Rises 16 Percent As Cost Cuts Pay Off

www.oann.com | 10/19/2018 | Staff
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(Reuters) – Wells Fargo & Co reported a 16.4 percent jump in quarterly profit on Friday, as the lender reaped the benefits of its aggressive cost-cutting efforts.

Noninterest expenses fell 7.5 percent to $13.9 billion in the first quarter from a year earlier. The bank said it was on track to meet its 2019 expense target of $52 billion to $53 billion.

Wells - Fargo - US - Bank - Assets

Wells Fargo, the fourth-largest U.S. bank by assets, has been leaning on cost cuts to grow its profits in the aftermath of a wide-ranging sales scandal that has crimped revenue, hurt its...
(Excerpt) Read more at: www.oann.com
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